[Resolved] Bajaj Allianz Life Insurance Company — MISCOMMUNICATION REGARDING SURRENDER CHARGES | |||
Dear Si/Mam, I was invest in the BAJAJ ALLIANZ UNITGAIN PLUS GOLD policy .At the time of policy application form sign Company sales manager Mr.Nitin Singhal state that you have to pay only 3 year premium in this policy & after that you can withdrawal the total amount.Now I have complete 3 years.when I was contact at bajaj allianz muzaffarnagar branch office they says that if you will surrender the policy Company will charge 48 % of first premium. Now I come to know that your sales manager given wrong statement to me.So plz tell me where should I go.I really need money at a time. other details are as follows. Name-Anuj kumar tyagi Policy no-[protected] Premium amount-Rs.12000 Yearly Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 2 Comments | |||
Comments
Dear Customer,
As we have given you a details of surrender charges For any policy details For further reference you itrack no.10254311
Regards,
Bajaj Allianz
As we have given you a details of surrender charges For any policy details For further reference you itrack no.10254311
Regards,
Bajaj Allianz
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After 10th Year[protected]----- No Penalty
but in my policy bond their is no table shows.they only prient these lines.
i) If any due Regular Premium is not paid within the grace period in the first three policy years, the Surrender Charge would be 60% of the first years’ Annualized Premium
ii) If first three years Regular Premiums have been paid in full, the Surrender Charge would be as follows: [1 – (1/1.10)^N ] * First Years’ Annualized Premium where, N is 10 years
when I ask agent he revert that this is nothing.I was unable to evaluate the formula.again I ask to sales maanger, he reverts the same statement.